USFDA raises concerns about Ranbaxy’s Toansa plant - Shares fall as much as 9.1% to Rs 421.10
The US Food and Drug Administration (FDA) has raised concerns about the manufacturing practices at a factory owned by Ranbaxy Laboratories Ltd, the drugmaker said on Monday, sending its shares down to nearly a one-month low.
All of Ranbaxy’s India-based factories are currently banned by the FDA from exporting medicines to the United States, the company’s largest market, after the regulator’s inspection found violation of its so-called good manufacturing practices.
The company, India’s biggest drugmaker by sales, said the FDA had now filed “certain observations” about its Toansa pharmaceutical ingredients plant in Punjab.
Failure to address these concerns would result in the FDA banning all exports to the United States from the factory.
“The company is assessing the observations, and will respond to the FDA in accordance with the agency’s procedure to resolve the concerns at the earliest,” Ranbaxy said in a statement. It did not give further details.
Shares in Ranbaxy, 63.5% owned by Japan’s Daiichi Sankyo Co, fell as much as 9.1% on Monday to Rs 421.10, its lowest level in nearly a month, while the main Mumbai market index was up 1.1%.
For more visit: Business Standard
Search Our Archives
- Stocks Trading above their 50 day moving average - DMA In Stock Research
- Download free Ebooks based on Technical Analysis In Personal Training
- TOP 100 Stocks with the Highest P/E as on July 14th, 2013 In Stock Research
- TOP 100 Stocks with the Lowest P/E as on July 14th, 2013 In Stock Research
- Charting Pathsala - Your guide to Techincals In Technical Analysis
- CB Hi Taj, Good morning. yes, fundamental...In Intraday calls for 12-02-16
- Taj Good evening cb sir, I heard nifty bot...In Intraday calls for 12-02-16
- Vignesh Hi TAPAN, You should have sold it when...In Intraday calls for 12-02-16
- TAPAN CB sir, I HAVE HOLDING UNITECH @14.45 ...In Intraday calls for 12-02-16
- Rajasekar Hi CB, sir, Nifty yesterday touched le...In Intraday calls for 12-02-16
- STP Strong people supports weaker ones.......In Intraday calls for 12-02-16
- CB Hi Rajasekar, sorry, was not online ea...In Intraday calls for 12-02-16
- Rajasekar Hi CB, Ji, Still i m holding 6800pe/65...In Intraday calls for 12-02-16
- vijayk CB...holding infy 1100 call...can i ca...In Intraday calls for 12-02-16
- STP 1st target achieved in nifty cash base...In Intraday calls for 12-02-16